US Equity Futures Are Crashing

Moments ago, without any specific catalyst, US equity futures just plunged when in thin, illiquid tape, a seller took out about 30 consecutive bid levels and as of last check, the ES was down as much as -48 to just 1923, or 2.5%, after being down a modest -13 minutes ago.

It is unclear just what is going on, or whether some prop desk or hedge fund just got tapped out, and/or how the Fed will react but the last time we had action like this, the Fed confused a liquidating SocGen trader for an economic collapse, and cut rates by 75 bps in January of 2008. This time it does not have that luxury.

So while we await the Fed's response we watch in stunned amazement at a meltdown the likes of which we have not seen in years. Alternatively, if the Fed has nothing up its sleeve, the good news is that limit down for ES is just about 1870, so only 60 points more.

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Update: just when it seemed that a BTFDer had emerged, even more focused selling took ES to new lows, and as of moments ago ES was down as low as 1913, down a whopping 58 points, and officially in 10% correction territory. Also, we are now down to about 50 points from limit down.

When Randolph and Mortimer were ruined by the incessate selling (See USA cinema), they screamed, "we own the brokerage, we own the TRADING SPACE (PLACE), turn those machines back on!".

We saw this play out in '08. The state sponsored frauds of bond rolling, mortgage packaging, balance sheet and money expansion, financial instrument dilation had run a certain course (well directed and protected), so a plunge was in order. By doing so, the state could expand even further the supply of pretended wealth, could open the gates to open-sunshine even cheeky bond fraud, open-day pawn-shopping of dubious securities, open too every mind's reception the idea of quantitative easing or fabrication and counterfeit of the substantial. It paralled much the international easing of the consciences of the public toward enhanced interrogation. TORTURE. Torture now, torture for all. Torture the ideas, the ideals, the storehouses, the repositories of wealth. Destroy everything which everyman holds dear.

Body, Soul, Pocketbook, Conscience. All subjected to enhanced interogative technique and quantitative easing. Also called ass-whipping and asset-stripping. Read through your constitution and bills of rights (USA'ers), or habeas corpus and Rights of Man, your body of law. Like every holy and sacred scripture, it has been corrupted beyond recognition. It is like engraved granite of beautiful platitudes where just beneath it a senate violates its pronouncements in the worst way. A hard mortal beating beneath liberty's torch.

You know, of course, that the machines were turned back on and Mortimer and Randolph were made whole and even richer, while the entire body of massed humanity was diluted of their present and future assumed possessions. What a magnificent transfer device, exceeding even a star trekkers' "Beam me up!", are fiat money and a captured gov't with private federal reserve. Electronic confiscation without representation.

Funny this. That the instrument with which the Fed was endowed with trust and integrity--the substance upon which they based every action and substantiated every trade was that thin yellow line! A metal which, in the depths of men's minds and souls, constituted the absolute CALL. The call by which men could remove their confidence from an institution if ever it rotted so badly. I want my money would have immediate restitution by a restoration of equivalent gold metal. Indeed, they could redeem their saved labours and sequestered gains by exchanging paper for exceedingly rare and unique metal medallions. Enough of a vote of no-confidence and the system would be force to honorable and honest restructure.

BUT, Once having the universal esteem of their gentlemenly if stupid fellows, the RESERVE set about mentally and psychologically denigrating that by which they won their faith and place. Why not crucify the gold? Gold which early on was the great REDEMPTION, the token by which honesty was made simple for all, urbane and uncouth--began to be crushed and spit upon, thrashed and castigated, relegated to a superstition and relic. Ah! but the echoes. To the dustbin with metal and with your tiny influence in these great matters, slave!

Now WITH THE WORLD IN PRETENDED AND DIRECTED TURMOIL, where everyman is at the mercy of a strange system of trade where they have no suffrage and where their individual actions are scoffed at, and where their movements to protect what small cobbled ball of SAVING is only a tiny breath in the maelstrom--ONLY THEN and suddenly do they come to realize the wisdom of old, the O.G., the Old School, the millenial thread disregarded. GOLD. It may not be lamb's blood painted on lintels and jambs, to be observed by extraterrestrial and superhuman beings in the threshinghouse of this world's lord. It may not be staffs which mock the wizardry of this world's elite by consuming and completely vanishing its magic. It may not be tearing apart a great water so the simple and somewhat pure may pass on dry ground--but the ability to call out the scoundrels and scofflaws which host our financial institutions might have preserved this world's people from the awful depredations of this time.

We live upon a fallen planet that destroys every good and great thing AND attempts to exalt that which is contrary and froward.

Do not be surprised when find yourself weeping, wailing, and gnashing upon your teeth (at a minimum). That which we allow by subterfuge and slow dilution to overtake us, that which we invite into our HOUSE by choosing every slight evil, that which we allow to slowly scour away our poignant conscience--That is what will rule us in the end.

Kill and crucify that which will hold and protect you. Diminish those institutions which like watercraft carry you safely through your voyage with fellow travelers through this short but exquisite existence, and you will come to know what it is to be in the winepress of the lord. Among the wheat and tares in the threshing floor or TRADING PLACE of the Almighty!

For most of the history of humankind it took decades for information to travel around the world, that was shortened to years, and then...modern times came. Information could travel in days and hours. But now, with the smart phones and internet everything spreads around the world in minutes and seconds. It's an interesting experiment in human behavior.

Who controls the British crown?Who keeps the metric system down?We do, we doWho keeps Atlantis off the maps?Who keeps the Martians under wraps?We do, we doWho holds back the electric car?Who made Steve Gutenberg a star?We do, we doWho robs cavefish of their sight?Who rigs every Oscar night?We do, we do